企業社會責任對公司經營績效與股票報酬率的影響

本研究使用企業社會責任(CSR)、公司營運(OP)、公司治理(CG)、智慧資本(IC)等四個因素來探討企業社會責任(CSR)對公司經營績效(股東權益報酬率、資產報酬率)與股票報酬率(SR)之影響，其中企業社會責任(CSR)變數中包含員工平均年資(ES)、公司規模(SIZE)和公司財務報表是否為四大會計師事務所簽證(AF)。主要研究期間為2008年到2016年使用年資料，樣本選取上市電子產業為研究對象。本研究結果顯示，企業社會責任(CSR)對公司經營績效(股東權益報酬率、資產報酬率)具有正向顯著影響，其中只有員工平均年資(ES)為負向顯著影響，以公司經營角度立場，企業社會責任(CSR)的規範讓企業能遵循並貫徹執行對公司經營績效有好的影響與表現；企業社會責任(CSR)對股票報酬率(SR)無顯著影響，其主要原因對投資人及其他利害關係人而言，在做投資活動時比較注意公司的獲利表現，因此公司有沒有進行社會責任活動對投資人及其他利害關係人而言就不會其有重要性。

關鍵字

企業社會責任；公司經營績效；股東權益報酬率；資產報酬率；股票報酬率

並列摘要

In the present study, we employ corporate social responsibility (CSR), company operations (OP), corporate governance (CG), and intellectual capital (IC) as factors to explore corporate social responsibility (CSR) performance (equity returns, assets returns) and the return on stock (SR), in which the proxies variable of CSR include the average employee (ES), company size (SIZE) and whether the company's financial statements are the four major accounting firms (AF). The empirical results show that corporate social responsibility (CSR) has significantly positive impact on the company's operating performance (return on shareholders' equity, return on assets), of which only the average annual employee (ES) has a significant negative impact, from the perspective of the company's business. Corporate social responsibility (CSR) regulations allow companies to follow and implement good impacts and performance on company performance. Corporate Social Responsibility (CSR) has no significant impact on stock returns (SR). As for insiders and stakeholders, they pay more attention to the company's profitability. It would not be important factor as doing investment activities whether the company has social responsibility activities or not